Business
DigitalAMN Creates New Class of Preferred Shares to Strengthen Cap Table
DigitalAMN Creates New Class of Preferred Shares to Strengthen Cap Table.
About this update from Digital Asset Monetary Network, Inc.
[{"type":"text","content":"\nNEW YORK, July 29, 2019 (GLOBE NEWSWIRE) -- Digital Asset Monetary Network, Inc. or “DigitalAMN” (OTCMKTS: DATI), a Public Accelerator-Incubator (“PAI”), announced today, that in an effort to strengthen the Company’s cap table, DigitalAMN has created a new class of preferred shares to support DigitalAMN in its future business endeavors.\n This new class of Preferred BB shares do not have any voting rights with a stated value of $50 per share. Management has authorized up to $50M worth of these new Preferred BB shares to be issued – clearing the way for DigitalAMN to make sizable acquisitions, various securities swaps, and a pending cap table reduction. “A tight cap table is a strong cap table – which is always better for our shareholders,” stated Ajene Watson, CEO of DigitalAMN. “Having a tight cap table is also important in our ability to financially maneuver. We believe one way to achieve this, is to avoid needlessly inundating the cap table with dilution from issuances of common stock. Rather, execute important transactions using a securities issuance method that is transparent, easy for shareholders to see and calculate any future dilution, and still provide the appropriate value and protections the recipient of the preferred shares may require.” DigitalAMN has long demonstrated its commitment in protecting its cap table by staving off endless dilution. This was first done by maintaining a $0.35 issuance floor price to protect shareholders from unfair dilution while attempting to align all the Company’s shareholders and investors. Management believes that as DigitalAMN grows its equity portfolio, raises money and attracts key personnel to its executive team and board of directors, the new Preferred BB shares will also align DigitalAMN’s commitment by keeping its investors and shareholders on the footing with keeping dilution low and manageable. Watson concluded, “Also important to note, is that with the creation of these Preferred BB shares, we can now aggressively pursue additional capital resources to continue growing our startup support ecosystem.” ABOUT Digital Asset Monetary Network, Inc.Digital Asset Monetary Network, Inc. (OTCMKTS: DATI) is the first company to utilize the Public Accelerator-Incubator (PAI) model...